Cruise, a majority-owned subsidiary of General Motors, has secured a new $5 billion line of credit as it prepares for commercialization of its autonomous ride-hailing business.
The new credit, announced Tuesday, is being provided by GM’s automotive financing arm to use for the purchase of Cruise’s self-driving Origin shuttles, which GM is expected to begin producing at a factory in Detroit in early 2023. It brings Cruise’s war chest to more than $10 billion, according to Cruise CEO Dan Ammann.
“$10 billion. It’s a big number. However, when you think about what we’re building – safer, cleaner, and more accessible transportation for the world – you quickly realize it’s also a necessary…